News

European stock close:

European stocks jumped the most in
eight months as ARM (ARM) Holdings Plc and Cie. Financiere
Richemont SA reported results that topped estimates and speculation
grew that the region's central bank will cut interest
rates.

The Stoxx Europe 600 Index (SXXP)
soared 2.4 percent to 292.63 at the close of trading, the biggest
jump since Aug. 3.

Stocks extended gains even after a
report showed euro-area services and manufacturing output shrank
for a 15th month in April. The reading of 46.5 in the Markit
Economics purchasing- managers index boosted speculation the
European Central Bank will trim interest rates when it meets next
week.

A separate report showed Chinese
manufacturing expanded at a slower pace than forecasts this month.
The preliminary PMI for April released by HSBC Holdings Plc and
Markit stood at 50.5, compared with a final 51.6 in March. That was
below the median economist estimate of 51.5.

National benchmark indexes climbed in
all 18 western European markets, except Greece.

ARMsurged 12 percent to 972
pence, the highest price since March 2000. Revenue in the quarter
ending in March rose 29 percent to 170.3 million pounds ($260
million) amid demand for it graphics and processing technology, the
company said. Analysts had predicted 160 million
pounds.

Richemont(CFR) rallied 8.3 percent
to 73.80 Swiss francs, the biggest gain since December 2008. The
Swiss company said full- year net income climbed about 30 percent
as the dollar's strength against the euro boosted sales growth.
Analysts had expected a 25 percent gain in profit.

STMicroelectronics
NV, a maker of
semiconductors, rallied 9.2 percent to 6.13 euros even after
reporting a first-quarter net loss. Chief Executive Officer Carlo
Bozotti told analysts on a conference call he expects "significant
growth" in the second half of 2013, driven by new products and
improved demand.

Telecom Italia
SpA(TIT) increased
6.3 percent to 61.4 euro cents. The Italian phone company that's
exploring a separation of its fixed-line assets is considering a
sale of an initial 30 percent stake in the new company to state
lender Cassa Depositi e Prestiti, two people familiar with the
matter said.

Imtechtumbled 5.6 percent to
8.39 euros after the Dutch provider of stadium infrastructure for
the London Olympics increased a writedown on projects in Germany by
70 million euros ($91 million) to about 220 million
euros.

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All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

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